(CNNMoney.com) - Entrepreneur and venture capitalist Karen Mills has been chosen by President-elect Obama to head the Small Business Administration, according to a spokeswoman for Maine Sen. Susan Collins.

Mills is currently president of MMP Group in Brunswick, Maine. She was a founding partner of private equity investment firm Solera Capital in New York City. Her appointment will be subject to confirmation by the Senate.

House Small Business Committee Chairwoman Nydia M. Velázquez, D-N.Y., was quick to praise the nomination.

"President-elect Obama's decision to name an SBA administrator so early in the transition is a good sign for small businesses," she said. "This appointment shows that his economic team recognizes the key role that small firms play in job creation and the need to take quick steps to revitalize the agency's role in spurring growth."

Velázquez emphasized that Mills has her work cut out for her. "Through budgets cuts and mismanagement during the last eight years, the SBA has become nothing more than a shell of the agency it used to be," she said, adding that it is essential for the new SBA leader to reverse this course.

soundoff(12 Responses)

Sherry L. Johnston was arrested Thursday after troopers served a search warrant on a Wasilla home. The 42-year-old Johnston has been charged with six felony drug counts.

Troopers did not identify the drug involved in a brief mention on the agency's Web site.

Johnston is the mother of 18-year-old Levi Johnston. Alaska Gov. Sarah Palin, the GOP nominee for vice president, announced in September that her 18-year-old daughter, Bristol, was pregnant and Johnston was the father.

Sherry Johnston was released from jail in Palmer on $5,000 bail.

December 19, 2008 01:08 pm at 1:08 pm |

Alan

I'm sincerely hoping our NEW SBA pays close attention to SMALL business. Note the current definition: up to $5 million in revenue. That's not exactly SMALL by most peoples' standards...

December 19, 2008 01:16 pm at 1:16 pm |

Newport News, VA

This appointment plus the auto bailout should boost the market fo a week or so.

December 19, 2008 01:17 pm at 1:17 pm |

Laverne

Obama is so on it! He continue to impress me and I continue to be glad that I voted for him. I respect McCain, but there is no way he would have been the leader Obama is, no way!

December 19, 2008 01:30 pm at 1:30 pm |

Peter

I am also very impressed with the manner in which Obama is moving to clean up the Bush mess. I am also very pleased that we do not have Joe the Plumber as the new head of the small business administration.

December 19, 2008 02:11 pm at 2:11 pm |

Kim J

Maybe Ms. Mills can convince Obama that it is a terrible idea to raise taxes on small business owners.

December 19, 2008 02:44 pm at 2:44 pm |

Boston Irish

Hey, hahahahaha – What does your comment have to do with the article?? Did you get confused and post on the wrong one, or are you the type that always has to throw Palin's name in any argument.

December 19, 2008 02:55 pm at 2:55 pm |

Once you vote Black

Wow, does that mean Palin uses drugs? Or mayby just her daughter. There is something there I know it. MSNBC should loop this story again and again until we get to the bottom of this. Does this mean Palin should denounce her daughter?

December 19, 2008 03:10 pm at 3:10 pm |

Paul

Sorry, Laverne, but I don't think President-elect Obama is "on it" enough. All he's done so far is to make the requisite appointments. They have yet to formali2 budgets let alone bring plans to action.

I realize it's popular to praise Obama for the time being, but let's give recognition where it's due and not jump to any premature conclusions.

December 19, 2008 04:22 pm at 4:22 pm |

CNN = Jerry Springer of News

I'm just glad he didn't pick Joe the Plumber!

December 19, 2008 05:09 pm at 5:09 pm |

Texas Teacher

Oh, Paul, to be sure... the Repubs can hardly wait to begin the witch hunt! It's the nature of the beast! *LOL*

I am eager to see what the Obama Team will do... they have a heck of an up hill climb ahead of them.... thanks to Bush/Cheney and the Republican Congress! I pray for them daily! :)

December 19, 2008 05:32 pm at 5:32 pm |

GuyInVA

In the interest of disclosure, my political leanings are somewhere to the right of Ronald Reagan. However, I can't wait to see all of the right wingers paint this woman as the devil incarnate. The left wingers will describe her as God's divine gift to small business. All of this from people, 99.99% of whom (myself included) have never heard of her.